Scotland

Clydesdale Bank announces its new CEO

David Duffy, Clydesdale Bank CEO Image copyright Clydesdale bank
Image caption David Duffy has been described as a "highly effective and motivational leader"

David Duffy has been confirmed as the new chief executive officer (CEO) of Clydesdale Bank.

The appointment followed David Thorburn's decision to stand down after almost four years in the role.

With almost three decades of international banking experience, Mr Duffy, 53, has held a number of key senior roles.

He joins from Allied Irish Banks, where he has been chief executive since December 2011.

Parent company National Australia Bank (NAB) said late last year that it was looking for ways to exit the UK, where it also owns Yorkshire Bank, after several years of poor performance.

The UK business has been hit with high charges to compensate customers for Payment Protection Insurance mis-selling.

In October, NAB announced it was looking at all options for the future of the Clydesdale and Yorkshire banking division.

Those options could include a sale or initial public offering of the business.

Mr Duffy was a former CEO of Standard Bank International with responsibility for operations in the UK, Europe, Latin America and Asia.

Customer champion

He was also previously head of Global Wholesale Banking Network with ING Group and president and chief executive officer of the ING wholesale franchises in the United States and Latin America.

He has been invited to join the boards of Clydesdale Bank PLC and National Australia Group Europe Limited as an executive director.

It is anticipated that, subject to regulatory approval, he will be in the post within the next few months.

Clydesdale Bank board chairman Jim Pettigrew said: "David is a highly effective and motivational leader with a wealth of international banking experience and a strong track record in retail banking.

"In the past three years with AIB, he has delivered an impressive programme of positive change which has been built around the needs of customers.

"A passionate and genuine customer champion, David's broad-based skills, leadership, energy and strategic vision will be invaluable as we move into the next phase of our development."

NAB Group chief executive, Andrew Thorburn, added: "David is uniquely qualified to meet the challenges and opportunities of this important role, particularly as we are examining the broader range of options we announced in October 2014 to accelerate NAB's exit from the UK Banking business."

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